The total amount of outstanding government-issued IOUs further increased to P4.188 trillion as of September as more debt paper were sold during the period, the latest Bureau of the Treasury data showed.
The combined value of outstanding treasury bills and bonds at the end of the first nine months was higher than end-August’s P4.151 trillion.
From January to September, treasury bonds accounted for the bulk of outstanding debt paper with a face amount of P3.848 trillion, up from P3.818 trillion a month ago.
Outstanding treasury bills amounted P339.9 billion, also up from P332.9 billion in the previous month.
Among the outstanding treasury bonds, three-year IOUs reached P45 billion; five-year debt paper, P308.4 billion; seven-year treasury bonds, P590.9 billion, and 10-year T-bonds, P398.2 billion.
For 10-year agrarian reform bonds, the outstanding amount reached P6.6 billion; 20-year IOUs, P319.3 billion, and 25-year debt paper, P235.9 billion.
Of the $6.582 million Philippine par bond redenominated into 28.5 years, P97.1 million remained outstanding.
Also outstanding were P958.4 billion in RTBs, P909.3 billion in benchmark bonds; P50 billion in 25-year CB-BoL T-bonds, and P25.4 billion onshore dollar T-bond.
As for the outstanding T-bills, P105.1 billion was from the auction of 91-day IOUs; P119.1 billion from the 182-day debt paper and P115.7 billion from 364-day treasury bills.
In the fourth quarter, the Treasury will borrow P150 billion locally through the auction of T-bills and T-bonds. The planned volume is lower than the third quarter’s P195 billion.
As domestic interest rates remain relatively low, the government will finance its programmed wider budget deficit equivalent to 3 percent of gross domestic product this year until 2022 through a borrowing mix of 80-percent local and 20-percent foreign.—BEN O. DE VERA